US News
Mar 7, 2008, 22:31 GMT
Bush says stimulus package will help ailing economy
And Also
Similar articles
- Obama sees improving economy but central bank gloomy
- ANALYSIS: Signs that US may be headed slowly toward recovery
- California capital to close tent city
- US throws trillions at crisis, but devil is in details
- Schwarzenegger may slash paychecks to solve budget crisis
Latest Headlines in US
- 1. It's official: Tiger Woods' injuries were slight (3rd Lead)
- 2. Tiger Woods treated after car accident (2nd Lead)
- 3. Tiger Woods seriously injured in car accident (1st Lead)
- 4. REPORT: Tiger Woods seriously injured in car accident
- 5. Publicity-hungry socialites reportedly crashed state dinner
Older Talkback
page: 1
...The democrats think turning back the clock 45 years is going to fix something. Do you really think tax increases, increased unionization, limiting free trade, increasing tariffs and restraining trade are going to help?
Take a look at the world. They want to sell their goods and services, and putting your head in a hole won't help. Bush, for all of his foibles, correctly saw taxes as interest, and lowered interest rates the government Charges people to live here. He, correctly, decided to lie in the world we occupy.
Shame on him!
The result was record tax revenues, low inflation, record employment and record earnings. We have, for 7 years, had an economy to envy. Now, after a mortgage mess he's not responsible for and oil prices he's not repsonsible for (the gov't doesn't produce oil) the run is over.
Get used to it.
So, here's some advice: find out what the genius you're voting for is going to do. Then after he does it, comapre it to the record if this president. Heck, I'll live with your decision, because I intend to spend time making sure I do it for you too. When YOU start making excuses for the trophy boy you pick, I'll be there to remind you.
The same right back at you, drug addict.
Back at who? About what?
FRom the deluded mind that claimed the USA bombed romania,Saddam had WMD,Bush is the greatest prez ever ,science is a religion,global warming is a hoax ,whaz else to expect .Did you take your pills today ,SP4.
But for the sake of truth we must go deeper in some of the ranting.Nice to hear that Bush is nor responsible for the economical crisis,if you believe SP4.That is admitting no political power has control over the economy nyour welfare resides in the decisions of corporate tycoons ,with all the dire consequences .What exactly do these tycoons have in mind when they do so.The public interest ?The well being of the american population ?Certainly not,only their own profit .An intelligent person would deduce from that that politics have to control the big economical powers,to make certain that the power stays where it is supposed to be and works for the public interest.Not if you read SP4.Free trade,abolition of labor rights and unions,private health care seem to go hand in hand to protect these tycoons from the consequences of their greed .The immense majority of the US population has nothing to gain from such greed .Salary raises of 10 percent average per year are to be applied to the richest corporate executives only,the rest of the population is to work for Wal-Mart conditions,in poverty,without any chance of educating their children .
As for the responsibility of Bush in the present and future crisis,it lays somewhere deeper:in the incredible military spending that converts the wealth of a nation and efforts of it's population in paranoia and profits for the armament tycoons .THe biggest budget deficit ever ,without much of prospects of climbing out of the abyss without raising taxes .
Free trade is the answer did you say,SP4?
For who?The majority of the people anywhere in the world find no profit in it.Be it the american labor force or the chines that toil 6 days per week for miserable conditions for the benefit of your corporate tycoons ,they derive nothing from this system.
Neither do the farmers .Imagine what free trade would do to the cuban farmers if you have your saying.THey would undergo the same fate as their neighbors of Haiti who produced rice before free trade took away their livelihood .Do you know what happened to ten thousands of them that worked the fields and are now living in the slums of Port au Prince in deep misery ?Simply this;Us rice overproduction is exported with sybsidies from the government to Haiti.The local farmers can not compete with the price and are now in deep misery .Free trade is no fair trade in the eyes of the tycoons,only profit counts,remember?
Getting back to the stimulus package, they could have doled out even more dough for the citizens.
To be frank, President Bush has a terrible case of denial. It is fine to be optimistic, but to shut out the reality of the present economic situation is like putting blinders on a hawk that needs to feed.
All parties aside, the more important thing to do is what is right for the American people and the world with which they have to engage in communication and fair trade. The more stable our relations the more we will all benefit economically and improve the quality of our lives, instead of the continuing deterioration of human events.
One Nation
(Much like SP4 stuck in denial and too damned stupid to function, the economy now reflects the recessionary trend. Watching the job numbers is like watching SP4's IQ trend. Frankly, I think he's paid to be here, as no one could be consistently that addled for free, posting in that many forums)
www.nytimes.com/2008/03/08/business/08econ.html?_r=1&ref=us&oref=slogin
WASHINGTON — The worst fears of consumers, investors and Washington officials were confirmed on Friday, as deepening paralysis on Wall Street collided with stark new evidence of falling employment and a likely recession.
In a report that was far worse than most analysts had expected, the Labor Department estimated that the nation lost 63,000 jobs in February. It was the second consecutive monthly decline, and the third straight drop for private-sector jobs.
Even before the bad news on jobs emerged, the Federal Reserve was already racing to ease the latest crisis in the credit markets, where seemingly rock-solid companies have been caught short because the markets are devaluing the collateral they had posted to back billions of dollars in loans. Much of that collateral consists of mortgages.
(The writeoffs at Citibank and UBS are just beginning, since this kind of news makes asset values questionable).
Lou Dobbs and the rest of wealthy white guys screeching about jobs have to face the fact that profits-per-share are the guiding principle, and work goes to the lowest-cost area, driven in large part by wage differential; but also access to labor, period. U.S. farms are moving to Mexico where the labor is, since the crackdown on illegal immigration threatens to reduce the size of the labor pool just ahead of mass retirements amongst the baby-boom generation of (est) 77 million workers. Jack Welch had a good column on this in Business Week.
www.businessweek.com/magazine/content/08_08/b4072096690834.htm?chan=car eers_the+welch+way_the+welch+way
(also)
'Currently the baby boom generation makes up the largest segment of the workforce in the public sector. In the next decade 77 million baby boomers born between 1946 and 1964, the largest group in history, are contemplating retirement. Some analysts believe that baby boomer retirement will create possible skilled labor shortages.'
Bush denies recession (he would wouldn't he - like SP4, never admit being totally stupid, even when you obviously are)
Warren Buffet said (some weeks ago) the US is in recesssion
Who's opinion would you put your trust in for knowledeg of economic and financial matters - Brain dead Bush or Warren Buffet, the world's richest man ?
In my opinion, the Bushbaby does not have a clue about the cause of this crisis. The truth is, neither he nor his policies are the cause of it. This trouble began during the Clinton Administration and it is NOT their fault either. This one must be laid at the door of one Nelson Aldrich, long dead. At any rate, the problem lies not in any Presidency, but with the Banks and the Banking system that has decided it could ignore fundamental principles and basic arithmetic.
business.timesonline.co.uk/tol/business/economics/article3508468.ece
Didn't hear about this one on the Clinton News Network, did you? They've been too busy trying to put makeup on The Clintons flaws.
Snippet from the linked article:'Thornburg, the US mortgage lender, exacerbated investor jitters when it said that it did not have enough cash to meet $610 million of margin calls. Last week Peloton, a London hedge fund, collapsed after it became unable to meet the banks’ demands.
Bankers said that the problem was related to a perceived increased risk surrounding the AAA-rated prime mortgages and to the consequences of dangerous overleveraging of the funds themselves. In the case of Carlyle, its CCC fund had leveraged its assets by $30 for every $1 of its own cash.'
For those who wish to find out what is really wrong, start here:
en.wikipedia.org/wiki/History_of_the_Federal_Reserve_System
Recessions are defined by at least two quarters of negative GDP growth.
That has not happened.
Just because he's rich, does not make him right.
Be aware that a whole lot of things in this world are changing:
Oil - we outsourced for the last 30 years, failed to drill offshore and in ANWR, don't build new refining and now suffer the consequences.
Food - we're using it for fuel...wheat is $12 per bushel. Corn is worse. Both dems and repubs greenlighted this silly crap and now you're paying for it.
Industry - we dismantled whole segments and failed to grow others i.e. oil, forest products, steel, aluminum, etc. We outsource everything from bearings to belts, hoses, etc.
Energy - curiously we're almost all domestically powered, outside of our vehicles.
All of this is pumping prices. The Bush economy has produced record tax revenue, record employment, low inflation and historic high household wealth. Liberal policies are now catching up.
Best of Luck.
The nitrogen content of his posts, alone, could grow several acres of something useful.
All he does is whine about what his political enemies have done, while excusing the malfeasance of the current Administration.
VOTE THE BUMS OUT; AND TAKE SP4 WITH YOU!
(Intermixed is his posts are occasionally some insight, so I'm convinced that someone is sitting deep in the bowels of the RNC writing this biased drivel)
RE: 'Now, after a mortgage mess he's not responsible for and oil prices he's not repsonsible for (the gov't doesn't produce oil) the run is over.'
=======================================
Not responsible for the mortgage mess? How about the National Debt buildup due to years of spending in Iraq propping up a government that cannot govern without direct U.S. involvement? How about the dropping dollar that allows our exports to increase, while also convincing the oil producing nations (who get paid in dollars) to keep production limited, and therefore prices up? What we're seeing now is the market and homeowners realize that we've been on a spending binge for years - and that Congressional spending 2001-2006 IS the fault of Bush and his GOP Congress. The bubble is deflating, along with equity values, and the banking system has a lot more writeoffs to do, and fewer places to obtain credit.
Still not a recession, imbecile? The GDP numbers are a trailing indicator, since those are influences by inventory levels and other variables, and the rise in exports indicates that U.S. consumers are not spending, while other countries are. Financial problems are contagious, and if those other countries have fiscal and economic problems as well, there go our buyers of U.S. goods. China and Japan and the sovereign funds keep our economy afloat, and there's not a lot more to be gotten from those sources. China's GDP is growing rapidly, but they have some severe inflation concerns, which will put a cap on that growth rate.
New statistic - 'The Federal Reserve reported that Americans' home debt exceeded their equity for the first time since the central bank began tracking the figures in 1945. Homeowners' percentage of equity fell to 47.9 percent in the fourth quarter.'
www.guardian.co.uk/business/2008/mar/08/marketturmoil.oil
World markets see-saw as dollar hits record low and oil prices soar
· Jobs data confirms that US economy is in recession
· Federal Reserve steps in to ease fresh credit turmoil
World stock and bond prices see-sawed, following a week of extreme uncertainty as investors saw the US Federal Reserve step into money markets in a bid to try to prevent the sub-prime mortgage crisis sparking off a new phase in the global credit turmoil.
Oil prices, which had been setting new highs through the week, jumped to $106.31 a barrel during the day in the US, while London Brent crude surged to $103.98, threatening to push petrol prices at the pumps in Britain to further highs.
ap.google.com/article/ALeqM5h3kgMAkbLwyfxBdjzw8Pc4KZ7DhQD8V8JUO80
LONDON (AP) — Markets in Europe and Asian slid Friday, signaling alarm over a broadening deterioration in the U.S. housing sector that is beginning to resonate worldwide.
Carlyle Capital Corp. said it had received additional margin calls and default notices for its $21.7 billion portfolio of residential mortgage-backed securities. Shares in the fund were suspended Friday on Euronext Amsterdam.
The Mortgage Bankers Association said Thursday that the proportion of U.S. mortgages falling into foreclosure jumped to a record 0.83 percent in the final quarter of 2007.
'We are worried about the U.S. market,' said Shim Jae-youb, a strategist at Meritz Securities Co. in Seoul.
...not a recession yet, no matter how many whinings you produce. You need, at least, two negative quarters and we certainly are not there yet.
Anytime someone complains of high gas costs, just remind them about the stymied domestic production via the libnazi envirofreaks for the last 30 years. What did you think, they were going to sell oil for $50.00 forever??? They know the score and it's over. Thanks a pantload. Without a domestic hedge, you are at the mercy of the suppliers and they all meet every year. Try to get informed.
Overspending. Since the dems got in, they greenlighted over $500 billion in unfunded budget items i.e. the farm bill, unfunded health insurance for kids above the poverty level, in addition to a host of items with no revenue stream, a far cry from 'Paygo' that ended the moment they got to power. Heck, thee guys would make good republicans!
Your libnazi politicians should have also thought of the ramifications of greenlighting Bush and this war. Were they to have vigorasly protested this war, instead of voting for it, the outcome may have been far different. The old saw that they were fooled by the WMD's really tells us who the dumb one's are, unless they just did it to get Bush to rid them of Saddam. Take your pick.
The other fact to warm up to is that Bush has never gotten a fair shake from the democrats. They've fought him and undermined not Bush, but the presidency itself. This has weakened America and now, if there is a dem president, the republicans will exact a toll for this, weakening us further. There is no way they will let this slide.
They should have thought of that instead of their own careers. All the silly antics, the hearing with Alberto, the Libby travesty, harassing Rove, stalled judgeships and appointments...it's going to be payback time soon and that affects us all.
So go home,pour a drink and realize your own party is cornholing you worse than George.
Check the chart, dumbass:
www.lafn.org/politics/gvdc/Natl_Debt_Chart.html
--------
www.cbpp.org/10-30-06bud.htm
(10-30-2006)
But between 2001 and 2006, increases in domestic spending account for just 16 percent of the cost of the legislation Congress enacted during that period. Tax cuts and increases in defense, homeland security, and other international spending account for the other 84 percent.
In fact, between 2001 and 2006, tax cuts alone account for fully half of the total cost of legislation enacted by Congress during that period, making them single largest contributor to the emergence of deficits.
The Treasury analysis found that if the costs of extending the Administration’s tax cuts are not offset by spending reductions, extending the tax cuts would slightly decrease long-run economic growth.
Even if the costs of extending the tax cuts are offset by spending cuts, the Treasury study found the tax cuts would at best have only small positive effects on the economy, which would pay for at most 10 percent of the tax cuts’ total cost. (The tax cuts have so far been financed by deficits, and supporters have offered no proposals to offset the cost of extending them.)
It’s worth noting that the federal budget would have been balanced last year if not for the revenue loss caused by the tax cuts. In fiscal year 2006, the tax cuts enacted since 2001 cost $251 billion, including the increased interest payments on the national debt, according to Congressional Budget Office estimates. This is slightly more than the 2006 deficit ($248 billion).
This means that even with the spending for the wars in Iraq and Afghanistan and the response to Hurricane Katrina, the federal budget would have been in balance last year if the tax cuts had not been enacted, or if they had been offset by increases in other taxes or by cuts in programs.
'This means that even with the spending for the wars in Iraq and Afghanistan and the response to Hurricane Katrina, the federal budget would have been in balance last year if the tax cuts had not been enacted, or if they had been offset by increases in other taxes or by cuts in programs.'
Why then, dis the dems, first out of the gate, pass a 286 billion unfunded farm bill and a 35 billion unfunded child insurance bill.
Blaming the president for deficits when congress is the body that approves money is like blaming a boy for getting the girl pregnant. What do you think they did, just lay there while Bush, and his 35% approval rating, put the wood to them? They groused all day and passed everything he asked for, even with the dem controlled, if you can call it that, congress.
Wake up boy.
Tonny....where do you get these goofy ideas? Farm income is THROUGH THE CEILING! Grain costs are at all time highs! Wheat is $12 per bushel!!! Take a look at the friggin commodity prices, high due to your libnazi slavish devotion to synfuels, that contribute exactly zero!
You blame free trade for job loss...good...go see the guys who ramrodded it through in the 1990's, I'll give you a hint who did it: blow job in the oval office...by Monica...
Farms, Tonny, are corporate entities now. Yes, there are still family operations, but there is no way to eek out recovery unless you upsize. The smart farmer has to either expand or sell out and usually he gets big numbers for the land! You must know less about farms than I know about eastern europe!
Arms Tychoons???? Where have you been??? These are publicly traded companies! Anyone can buy a piece of the rock! Besides being the best in the world, and the jobs the envy of every worker, our arms industry supports freedom all over the globe. Our co-production agreements have saved nations like..Denmark for instance...billions in military budgeting, and provided jobs othe reuro nations would spit inyour eye over! Our trade partners are the envy of the world. They are the most prosperous nations on the globe.
Again, your model of the USA is 45 years old! Manufacturing, productivity, all those numbers have hit historic highs every year for the past 4 years! Hell, employment was so good, the only way it could go was down!
We have record tax income, record household wealth, even the shittie dollar is stimulating exports so bad the euros are crapping themselves over lost competitiveness in exports.
You need a primer Tonny. Even the libs told us that free trade would help us, and THEY were right! A pity they cannot sell it. The republicans, on the other hand, have NEVER been anything but honest about free trade. They publicly support it, and never backed away. Yoou are living in a different world now. The past is gone. I like it better.
page: 1
Your Talkback on this Story